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CBN bans cash deposits into domiciliary accounts

The Central Bank of Nigeria has banned the payment of cash into domiciliary accounts in the country, TheCable reports.

In a circular released on Wednesday and signed by the Director of Trade and Exchange, CBN, Olakanmi Gbadamosi, the central bank said its action followed recent statements by individual banks suspending the payment of foreign currencies into domiciliary accounts.

Gbadamosi wrote, “The Central Bank of Nigeria has considered the recent statements by Deposit Money Banks concerning the large volume of foreign currencies in their vaults and the decision to stop accepting foreign currency cash deposits into customers’ domiciliary accounts as a welcome development.

“Therefore, in its continued efforts to stop illicit financial flows in the Nigerian banking system which aligns with the anti-money Laundering stance of the Federal Government, the CBN hereby prohibits from the date of this circular the acceptance of foreign currency cash deposits by DMBs.

“For foreign currency cash lodgements made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent. For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible.

“The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognised channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for ‘visible’ transactions. By this circular, those who deposited foreign currencies into their accounts before the directive will now have to withdraw the cash as they are not going to be allowed to transfer the funds.”

SOURCE: Punch

Praise God! Woman Gives Birth to Quadruplets After 4 Years Of Barrenness

Mrs.Nwogboji a woman who has been married and barren for over 4 years, miraculously gave birth to quadruplets after 4 years of turmoils

God blessed her significantly...

Photo credit: @teebizy 

Watch Boko Haram Latest Barbaric Video

Islamist sect, Boko Haram, has released a barbaric video of its brutality in Nigeria, the stronghold of the sect. The sect has been waging a six-year old war against Nigeria and its neighbours but has been repelled in recent times.

With Nigeria’s president, Muhammadu Buhari vowing to bring an end to the sect’s existence this year, Boko Haram seems to be fighting back and this video is one of its last ways of doing so.

Credit: Nigeriafilms

3 days International Youth Leadership & Entrepreneurship Training In Lagos, Nigeria

The importance of youth in leadership cannot be over-emphasized, same goes to the global calls for youth to take up entrepreneurship opportunities presented through various platforms (I.e. training) as it will positively bring change in their lives.

The International Centre for Leadership Development Nigeria (ICLDN) in collaboration with World Leadership Day, South Africa and Grace Restoration International Inc, U.S.A, have come together to offer the youth a future by providing a – 3 day International Youth Leadership and Entrepreneurship training in the heart of Lagos, Nigeria.

See full text below:

International Centre for Leadership Development Nigeria (ICLDN) in collaboration with World Leadership Day, South Africa and Grace Restoration International Inc, U.S.A, have come together to offer the youth a future by providing a – 3 day International Youth Leadership and Entrepreneurship training in the heart of Lagos, Nigeria.

PROGRAM OBJECTIVES

• To develop leadership skills of young business leaders so that they can manage their enterprises and the team members working with them in a professional manner with a win-win approach

• To build entrepreneurial competencies of young business leaders of SMEs and family businesses so that they can plan for growth, expansion and diversification of their enterprises

• To sharpen management skills of young business leaders so as they can provide overall efficient management to the enterprises

• To demonstrate the value of a mentoring process to successful entrepreneurship

• To work on the planning processes necessary to successful entrepreneurship, with the goal of reorienting today's youth toward seeking good leadership and alternative livelihoods rather than the current reliance on crime, violence, fraud, scams, corruption, alcoholism and other social vices. Event Details:

Date: October 1 – 3, 2015

Time: 9:00 am to 4:00 pm daily

Venue: Hotel Ibis Royale, 41 Murtala Mohammed Int’l Airport Rd., Ajao Estate, Lagos, Nigeria

Theme: Building My Enterprise through Effective Leadership

SPONSORSHIP BENEFITS

• Name and logo of sponsoring organizations will be included in all communication materials related to the workshop (Training brochure, marketing materials, website, banners and social media, etc)

• Two delegates of sponsoring organization will be our participants this include: Tea break, lunch, certificates and training materials

• Recognition as a sponsor on all pre conference publicity.

At the end of the training, youths will be armed with innovative business ideas, execution of their business ideas, monitoring, accountability, evaluation, and sustainability. This training will further developed into a Workforce Institute to respond to an alarming unemployment and crime in Nigeria specifically among the youths. To register visit www.icldng.org/training

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